India’s recent past has been tumultuous on the cryptocurrency front, yet the local industry is nonetheless rumored to be on the verge of producing another crypto unicorn.
According to an unconfirmed report published today, sources allegedly familiar with the matter have claimed that crypto exchange CoinSwitch Kuber is in the “advanced stages of talks” for a fresh financing round that would see the platform valued $2 billion.
That’s close to twice the valuation of the country’s first crypto unicorn: rival crypto exchange CoinDCX had raised $90 million in a Series C funding round this summer at a valuation of $1.1 billion. CoinDCX’s funding was led by B Capital Group and included Block.one, Coinbase Ventures, Polychain and Jump Capital. CoinSwitch Kuber has allegedly been engaging closely with Coinbase and Andreessen Horowitz (A16z). If the latter signs on, it would be the VC firm’s first investment in an Indian startup.
CoinSwitch Kuber’s strong growth to over 7 million monthly active users in August, up